Newsletter #177    Acrobat file    Return to archive    Newsletter #179

350 BLEECKER STREET CO-OP NEWSLETTER #178
February 15, 2005

The board met on February 8, 2005. Among the issues discussed:

2005 BUDGET

The real estate tax abatement has been "taken-back" and credited to the building. This was shown on your last maintenance bill in two line-items: the abatement and a corresponding "assessment" identical to the abatement, resulting in no out-of-pocket cost to residential shareholders.

The 3% maintenance increase will go into effect as of the March bill, and the January and February payments will be prorated over the next two months. The STAR abatement is available to resident shareholders, and it has been shown as a credit on your January maintenance bill. Shareholders who are not receiving the abatement, which is available to owners of one residence in New York state, should go to http://www.nyc.gov, Department of Finance page, for information and an application form.

In addition to the charges discussed above, the 2005 budget (attached) includes these fees:

1. Sublet fee of $3.00 per share per month (no increase)
2. Purchase application, to co-op: $250 (paid by purchaser, no increase)
3. Purchase application, to Tudor: $250 (paid by purchaser, no increase)
4. Sublet application, to co-op: $250 (paid by applicant, no increase)
5. Sublet application, to Tudor: $250 (paid by applicant, no increase)
6. Bike room: $120 yearly, per bike (no increase)
7. Late maintenance payment: $50 (no increase)
8. Lost gym key: $7 (down from $50)

ELEVATOR

Work on the south elevator gears took place on January 17-27. The second part of the job was to replace the traveler cable, which took place on February 9-10, 2005. The elevator work is a preventative maintenance measure.

So far, the work has been successful, and the south elevator is working reliably. The same two jobs on the north elevator began on February 14, 2005. The work should be finished in one week.

When the elevator cabs are refurbished and new controllers are installed (the details are being worked out), a telephone will be installed to allow communication in case of an emergency. Before beginning any refurbishment, we want to make sure all mechanical systems have been upgraded reliably.

The co-op will replace one elevator controller in the summer. The new controller will allow a smoother elevator ride, and will allow the superintendent to "level" the floors faster than our current system.

CONSTRUCTION

Any shareholder who renovates their apartment needs to sign an alteration agreement. The agreement outlines the rules of the co-op. The board discussed revisions to the alteration agreement to allow the management to exercise the right to supervise all stages of alterations at any time. This was in response to a renovation that did not conform to New York City codes.

The co-op needs to have access to an apartment under renovation, because there are often engineering issues that cannot be solved by the shareholder's contractor. In two recent cases, for example, a renovation uncovered a roof leak that would not have been found had the walls not been "opened."

The board encourages renovation by its shareholders. Every shareholder benefits when an owner designs a beautiful apartment.

PERSONAL INCOME TAX INFORMATION FOR 2004

Pursuant to the provisions of Section 216 of the Internal Revenue Code, a tenant stockholder of a co-op is entitled to an itemized deduction for a proportionate share of interest and real estate taxes paid or accrued by the housing corporation.

These deductions are available only if you itemize deductions on your personal income tax return. If you owned your shares for less than the period shown above, you must prorate your deductions, otherwise multiply the number of shares owned by you, as indicated on your stock certificate by the amount per share stated below.

If you have received any real estate tax abatements such as the New York City Co-op and Condo Tax Abatement, School Tax Relief (STAR), Veterans Exemption, Senior Citizen Exemption or any other tax abatement, you must reduce your gross real estate tax deduction by those amounts.

If you have any questions, please consult your tax advisor, the co-op cannot provide tax advice to individual shareholders.

For the calendar year 2004, your per share deductions are:

     Interest                $ 11.5971 per share
     Real Estate Tax/Gross   $ 24.3127 per share
     

You should have received a Form 1098 (mortgage interest statement) for your taxes. If you didn't receive it, please contact the managing agent.

CASH POSITION

The co-op currently has $403,000 in cash. The treasurer, Rob Geils, will present investment proposals at next meeting. Rob is a certified financial planner who understands the board's conservative investment strategy.

LAUNDRY

The triple-load washer was removed from the laundry room because of excessive noise. After years of complaints the laundry company replaced the noisy machine with a more quiet unit.

A new chalk board was recently installed for shareholders to note when there is a problem with any machine. The staff can now give more current information to Fowler when they repair our machines.

350 Bleecker Street Apartment Corporation
2005 Budget vs 2004 and 2003 Actual Spending
(unaudited)

Newsletter #177    Acrobat file    Return to archive    Newsletter #179